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—— Ugarteche, Puyana and Madi ——
Gerson Lima / Maria Alejandra Madi
Edward Fullbrook and Jamie Morgan
————— Michael Hudson ————–
Maria Alejandra Madi / Jack Reardon
————- Edward Fullbrook ————-
—————— Steve Keen —————–
————— Richard Smith —————
————– Gustavo Marques————
– Victor Beker and Beniamino Moro –
————– Lars Pålsson Syll ————-
—————– Stuart Birks —————-
Edward Fullbrook and Jamie Morgan
———— Armando Ochangco ———-
Shimshon Bichler / Jonathan Nitzan
————— Mauro Gallegati ————–
————— Herman Daly —————-
————— Asad Zaman —————
—————– C. T. Kurien —————
————— Robert Locke —————-
Real-World Economics Review Blog 
Edward, thanks for adding to the critique, but I would put it differently. Conventional economic theory, practice and training are pretty good — for describing and running a capitalist economic system, but useless for managing a satisfactory economy. Your account is in effect saying economists are stunningly stupid, not to see how bad their theory and practices are, when in fact their ranks include the brightest graduates. The people at the World Bank and IMF can read so they can be in no doubt about the heavily documented catastrophic damage their SAPs do to the lives of billions. yet they persist. The fault in it all is deeper than you imply, it is a grotesque moral failure, a disgusting wilful preparedness to perpetrate capitalist ideology and to manage the capitalist system. This is not to say they all understand what they are doing, but they ought to.
My view is that the system is so firmly entrenched that it cannot be altered by deliberate effort. The history of empires indicates that the rich get such an increasingly firm grip that their capacity gear everything to their interests just grows to the point where they collapse the whole system. Immiseration, anger and chaos are increasing rapidly now. Faith in democracy is fading. Deprived masses are turning to strong leaders. Above all resources are being depleted, intensifying the basic limits to growth problem and reducing the capacity of governments to provide. We are heading to a time of troubles that is likely to be terminal. Our task is to try to increase the numbers who understand that a sustainable and just world has to be some kind of simper way, so that when the dust clears people will not go down the growth and affluence path again and will not let a capitalist class and its eager servants emerge again.
,
Ted Trainer
This is a wonderful initiative. Those of us that have struggled to teach under the old paradigm have felt obliged to teach neoliberal models in order to critique them- or to encourage students to critique them. The trick will be relegating these models to a footnote so there is enough time to get beyond them. What tends to happen now is that econ 101 is all that most students have time to get and critiques are the footnote
Some powerful insight there, watching planet A spinning out of control as talking heads from the IMF ,Reserve Banks and Wall St. fill the airwaves with moronic analysis ( close your eyes but the first four letters of “analysis “indicate the source of their collective wisdom).
I am however left with a sense of despair that the powerful beneficiaries of orthodoxy are not going to graciously accept the bleedingly fkn obvious. Thanks.
Excellent Initiative – I would be happy to be part of it. I think we need to put together a small team of core, committed people, and have an initial ZOOM – chat to thrash things out.
The problem with keeping neoliberal ideologies as the basis for local economies is they continue to increase inequality, and the destruction of the planet. microeconomic neoliberlism will make the climate catastrophe much worse much faster, and destroying forests. NBote the forests becasue you can not build cities or do much else without wood..
Short list of recommended editors/contributors:
Jeffrey Sachs
Robert Constanza
Perry Mehrling
Ove Jakobsen
Ha-Joon Chang
Mariana Mazzucato
Clair Brown
Lance Taylor
I recommend the first section be entitled ‘The Natural World’ with a focus on the 20th century paradigm shift in physics, discussions on complexity theory, chaos theory, evolution, cybernetics, and overall ecological processes and systems in general.
The next section could be called ‘The Real World’ that focuses on human behavior with chapters on cognitive psychology; decision-making and heuristics; organizational behavior, processes and systems; institutional economics; structural economics; et al, to establish the underlying framework with an emphasis on how it currently exists.
The following sections could then dive into ‘traditional’ areas of economics.
And while I fully support this endeavor, and have been waiting a decade or more for this textbook, it needs two critical complementary courses – Politics 999, and Accounting 999.
Politics 999 would do the same for that field as Econ 999, i.e. plant it in the same soil of the natural real world, with a focus on good governance, participatory politics, group dynamics, consensus-seeking, coalition building, etc. The field currently suffers from the same ‘zero-sum’ thinking of economics. Its current focus is on states, realpolitik, and antiquated conceptions of power and control. It needs to become human centered with an emphasis on practical democratic governance and diplomacy along with the tools such requires.
Accounting 999 would refocus that profession to what I call Stewardship Managerial Accounting. It would stress total resource cost accounting, life-cycle assessments of goods and services, the ecological environment and its limits, and similar subjects. The goal is to help organizations develop sustainable practices to enable environmental and financial stewardship, instead of creating tools to assist in the exploitation caused by irresponsible ownership.
Accounting 999 takes the profession from the current dominance of financial accounting for investors and creditors, to a new paradigm that enable accountability, transparency and responsive governance for all stakeholders. The new paradigm would focus on responsible resource usage, cost minimization, sustainable renewable development, and the priority of ecological stewardship over financial ownership, profit maximization and unsustainable growth.
The latter is where I intend to focus my professional efforts, but my hopes as a father, husband, and citizen sees all three areas as crucial.
Thank you